Glen Eagle Resources Inc. announced a private placement of 5,142,855 units at a price of CAD 0.07 per unit for gross proceeds of CAD 359,999.85 on December 29, 2021. Each unit consists of one common share and one share purchase warrant. Each warrant will entitle the holder to acquire one additional share at a price of CAD 0.085 per share until December 29, 2023.

The securities issued and issuable in connection with the closing of the transaction are subject to a statutory hold period expiring on April 30, 2022. The transaction and related matters remain subject to the final approval of the TSX Venture Exchange. TSX Venture Exchange has accepted for filing documentation with respect to the transaction.

The transaction included participation from seven placees. The shares are mostly purchased by three shareholders with international exposure to the mining industry. These shareholders own a combined 14 million shares, with their added participation, approximately 65 million shares or 50% of all outstanding shares are controlled by a small group of investors.